Fifth Third reports Q1 EPS 78c, consensus 79c

Reports Q1 revenue $, consensus $2.23B. Q1 provision for credit losses totaled $164M vs.$180M in 4Q22 and $45M in 1Q22. Q1 net charge-offs were $78M vs. $68M in 4Q22 and $34M last year. Tangible book value per share was $16.41 vs. $14.83 at previous quarter end. CEO Tim Spence said, "Fifth Third delivered strong financial results in 1Q23. We have continued to navigate the uncertain economic environment well, including delivering solid deposit outcomes throughout the first quarter. Our results reflect the strength and resiliency of our balance sheet, disciplined credit risk management, and strong and diversified revenue streams. We generated approximately nine points of year-over-year positive operating leverage in the quarter. We also extended our track record of strong organic growth, adding net new households in consumer and new quality relationships in commercial. Furthermore, we announced the acquisition of Big Data Healthcare, which will continue to accelerate our peer-leading digital payments and managed services offerings…Lastly, we were honored to be named one of the World’s Most Ethical Companies by Ethisphere for the fourth time. We were one of only two banks in the U.S. to receive this award, reflecting our focus on positively impacting customers, communities, and employees, while also delivering strong and sustainable financial results for our shareholders".